Devon Energy CorporationNYSE: DVN

Q3 2026 Guidance

· Issued by Devon Energy Corporation

Summary by 6ix AI

Devon Energy gave guidance for the fourth quarter of 2026: total production of 1,660 to 1,700 thousand barrels of oil equivalent per day and total capital spending of $1,290 million to $1,395 million. The guidance includes its Eagle Ford assets through the expected closing of their sale, expected in early 2027.

Key details

  • Production guidance by product for the fourth quarter of 2026: oil 550 to 560 thousand barrels per day, natural gas liquids 377 to 387 thousand barrels per day, and gas 4,400 to 4,500 million cubic feet per day.
  • Upstream (drilling and production) capital is guided at $1,275 million to $1,350 million and midstream and other capital at $15 million to $45 million. Oil price realizations are expected at 97% to 100% of the WTI (West Texas Intermediate) benchmark price.
  • Lease operating expense (day-to-day costs of running wells) is guided at $4.90 to $5.20 per barrel of oil equivalent and depreciation, depletion and amortization (the spreading of asset costs over time) at $10.75 to $11.25 per barrel of oil equivalent; net financing costs are guided at $120 million to $150 million.
  • Income tax guidance is a current rate of 17% to 21% and an effective rate of 22% to 23% of pre-tax earnings.
  • As of September 30, 2026, Devon's hedges include oil price swaps on 47,000 barrels per day for the fourth quarter of 2026 at a weighted average $72.01 per barrel and 37,000 barrels per day for 2027 at $73.59, plus natural gas swaps on 247,500 MMBtu (million British thermal units) per day for the fourth quarter of 2026 at $3.80.

What’s still pending

  • The sale of the Eagle Ford assets has not closed; closing is expected in early 2027.
  • The production, capital, price realization, cost and income tax figures are guidance ranges for the fourth quarter of 2026, not reported results.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/devon-energy-q3-2026-guidance

Watch Devon Energy's latest callDevon Energy (NYSE:DVN) Q2 2026 Earnings Call · Replay · Aug 5Read the transcript of Devon Energy (NYSE:DVN) Q2 2026 Earnings Call
Devon Energy's next earnings callDevon Energy (NYSE:DVN) Q3 2026 Earnings Call · Nov 6, 2026 at 11:00 AM ESTRegister
1

FOURTH-QUARTER 2026 GUIDANCE

Note: Devon’s fourth-quarter 2026 guidance includes the Eagle Ford assets through the expected closing of the sale, expected in early 2027.

PRODUCTION GUIDANCE

Quarter 4

Low       High   
Oil (MBbls/d)       550       560 
Natural gas liquids (MBbls/d)       377       387 
Gas (MMcf/d)       4,400       4,500

Total oil equivalent (MBoe/d)       1,660       1,700

CAPITAL EXPENDITURES GUIDANCE

Quarter 4   
(in millions)     Low       High   
Upstream capital     $   1,275     $   1,350 
Midstream and other capital       15       45

Total capital     $   1,290     $   1,395

PRICE REALIZATIONS GUIDANCE

Quarter 4

Low       High   
Oil - % of WTI       97 %     100 % 
NGL - % of WTI       23 %     26 % 
Natural gas - % of Henry Hub       60 %     70 %

OTHER GUIDANCE ITEMS

Quarter 4   
($ millions, except Boe and %)     Low       High   
LOE per BOE     $   4.90     $   5.20 
GP&T per BOE     $   2.95     $   3.15 
Production and property taxes as % of upstream sales       6.0%       7.0% 
Exploration expenses     $   5     $   15 
Depreciation, depletion and amortization per BOE     $   10.75     $   11.25 
General and administrative expenses per BOE     $   1.10     $   1.30 
Financing costs, net     $   120     $   150

INCOME TAX GUIDANCE

Quarter 4   
(% of pre-tax earnings)     Low       High   
Current income tax rate       17%       21% 
Effective income tax rate       22%       23%

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2

2026, 2027 & 2028 HEDGING POSITIONS

Oil Commodity Hedges

Price Swaps     Price Collars

Period     Volume (Bbls/d)     Weighted Average Price ($/Bbl)       Volume (Bbls/d)       Weighted Average Floor Price ($/Bbl)       Weighted Average Ceiling Price ($/Bbl)   
Q4 2026       47,000     $   72.01     87,000     $   56.38   $   73.98 
Q1-Q4 2027       37,000     $   73.59     94,466     $   59.61   $   88.38 
Q1-Q4 2028       9,250     $   73.59     —     $   —   $   —

Three Way Collars

Period     Volume (Bbls/d)       Weighted Average Floor Sold Price ($/Bbl)       Weighted Average Floor Purchased Price ($/Bbl)       Weighted Average Ceiling Price ($/Bbl)   
Q4 2026       113,000     $   49.36   $ 59.36 $   72.36   
Q1-Q4 2027       57,397     $   47.25   $ 57.25 $   73.14

Oil Basis Swaps

Period     Index     Volume (Bbls/d)     Weighted Average Differential to WTI ($/Bbl)   
Q4 2026     WTI/NYMEX       87,000     $   0.96 
Q4 2026     Midland Sweet       46,000     $   1.10 
Q4 2026     WTI/Brent       8,000     $   (5.66) 
Q4 2026     NYMEX Roll       113,000     $   2.03 
Q1-Q4 2027     WTI/NYMEX       32,466     $   1.04 
Q1-Q4 2027     Magellan East Houston       43,000     $   1.83 
Q1-Q4 2027     Midland Sweet       78,000     $   1.05 
Q1-Q4 2027     NYMEX Roll       16,575     $   1.14

Natural Gas Commodity Hedges - Henry Hub

Price Swaps       Price Collars

Period     Volume (MMBtu/d)     Weighted Average Price ($/MMBtu)     Volume (MMBtu/d)       Weighted Average Floor Price ($/MMBtu)     Weighted Average Ceiling Price ($/MMBtu)   
Q4 2026       247,500     $   3.80     1,130,000     $   3.36   $   5.47 
Q1-Q4 2027       —     $   —     490,000     $   3.17   $   5.33

Natural Gas Basis Swaps

Period     Index   Volume (MMBtu/d)   Weighted Average Differential to Henry Hub ($/MMBtu)   
Q4 2026     Houston Ship Channel       50,000     $   (0.29) 
Q4 2026     Transco Leidy       250,000     $   (0.78) 
Q4 2026     Transco Zone 6 Non-NY       250,000     $   (0.16) 
Q4 2026     WAHA       350,000     $   (1.86) 
Q1-Q4 2027     Transco Leidy       47,500     $   (0.65) 
Q1-Q4 2027     Transco Zone 6 Non-NY       150,000     $   0.35 
Q1-Q4 2027     WAHA       135,041     $   (1.30)

Devon’s oil derivatives settle against the average of the prompt month NYMEX West Texas Intermediate futures price.

Devon’s natural gas derivatives settle against the Inside FERC first of the month Henry Hub index.

Devon’s NGL derivatives settle against the average of the prompt month OPIS Mont Belvieu, Texas index.

Commodity hedge positions are shown as of September 30, 2026.

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